Ichigo Preserves and Improves Real Estate[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

April 25, 2018
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, President
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4891

Acquisition of Two Office Assets(Win Gotanda Building 2, MIF Building)
Ichigo Investment Advisors (“IIA”), the asset management company of Ichigo Office,decided today to acquire two central Tokyo office assets, the Win Gotanda Building 2
and the MIF Building.
1. Asset Acquisition Summary
Total appraisal value: JPY 5,800 million Total acquisition price: JPY 5,500 million
Asset Number
Asset Name

O-89
Win Gotanda Building 2

Asset Type
Date Built

O-90
MIF Building

OfficeOfficeMarch 1993
January 1991
Trust beneficiary interest in
Trust beneficiary interest in
Legal Form of
real estate (juekiken)
real estate (juekiken)
Asset
Sectional Ownership
Joint Ownership
1
Appraisal Value
JPY 3,480 million
JPY 2,320 million
2
Acquisition Price
JPY 3,300 million
JPY 2,200 million
SellerKamakurabashi Holdings GK
Gotanda Holdings GK
Contract Date
April 25, 2018
Closing Date
May 9, 2018
Financing Method
Cash-on-hand and loans3
Settlement Method
Lump-sum payment
1
Appraisal Value is as calculated by Tanizawa Sogo Appraisal or Daiwa Real EstateAppraisal as of March 1, 2018, and is compliant with the appraisal guidelines of IIA
as well as the rules of The Investment Trusts Association, Japan.
2
Acquisition Price excludes incidental expenses such as fees and property, city
planning, and consumption taxes.
3
Financing details will be announced when determined.
12. Acquisition Rationale
Ichigo Office continues to execute on its strategy to grow long-term value for its
shareholders by focusing its portfolio on high-quality office assets.
In combination with its sale of three non-office retail assets (the “Asset Sales”1) during
the April 2018 fiscal period, Ichigo Office expects that the acquisition of these two midsize office buildings (the “Acquisitions”) in Central Tokyo, which has strong tenant
demand and upside rent potential, will strengthen Ichigo Office’s portfolio.
The Asset Sales were made at 1.4X book value and 1.4X appraisal value, resulting in
gains on sale of c. JPY 1.586 billion, which are being deployed towards growthinvestments, including today’s Asset Acquisitions. In turn, the Asset Acquisitions arebeing made at below appraisal value with the support of Ichigo Office’s sponsor, Ichigo(2337).
Post-acquisition, Ichigo Office’s portfolio will be 92.9% office assets, with 80.3% in theTokyo Metropolitan Area and 57.6% in Central Tokyo. Ichigo Office expects the Asset
Acquisitions to both increase earnings stability and contribute to further earnings
growth, and will be financed using the proceeds from the Asset Sales and new loans.
Ichigo Office has confirmed the appropriateness of the Asset Acquisitions’ acquisition
prices. In particular, given that this is a related party transaction as specified in IIA’s
rules, Ichigo Office fully implemented its related party transaction procedures, including
getting third-party appraisals on all of the assets and cross-checking these third-party
appraisals with additional third-party second opinion appraisals.
The existing tenants of the Asset Acquisitions fully comply with the “Real Investment
Trust Issuer Management Report” (Japanese only) submitted on January 26, 2018
Please refer to Section 3 “Details of the Two Assets being Acquired” for the specificacquisition rationale for each asset.
1

For details of the Asset Sales please refer to the March 16, 2018 release “Sale of Two
Retail Assets (Ichigo Sapporo Minami 2 Nishi 3 Building, Ichigo Daimyo Balcony)”
and the March 29, 2018 release “Sale of Retail Asset (Ichigo Burg Omori Building).

2

3. Details of the Two Assets being Acquired
In light of its capabilities to own and operate mid-size office buildings and to grow theirvalue and that of the total portfolio, Ichigo Office made the following assessments ofthe two office buildings to be acquired.
a. Win Gotanda Building 2(1) Location
The Gotanda area of Tokyo continues to see strong demand from office tenants given its
proximity to the Shinagawa and Osaki business areas, its accessibility by three railway
lines, and an abundance of nearby restaurants and retail stores.
A growing number of IT start-ups have moved into Gotanda in recent years because of
relatively lower rents compared to Shibuya and Ebisu, and the availability of many
office buildings in close proximity to the train station.
The Win Gotanda Building 2 is expected to have strong demand from diverse tenants
given its convenient location alongside a major thoroughfare, Yamate Dori, its
proximity to the station, and its high visibility.
(2) Features
A mid-size office building located within a 5-minute walk from Gotanda Station on the
JR Yamanote Line, the Toei Subway Asakusa Line, and the Tokyu Ikegami Line, andimmediately adjacent to Osaki Hirokoji Station on the Tokyu Ikegami Line.
Each floor has a standard floor plate of 120 tsubo (396m2) with ceiling heights of 2.6m,
and is equipped with individual air conditioning units and raised access floors, therefore
catering to the demands of diverse tenants.
The first floor is occupied by a convenience store and the upper floors are occupied by
office tenants, including telecommunications companies and building managementcompanies.
(3) Photograph and Location Map

3

Asset Overview
Win Gotanda Building 2
Trust beneficiary interest in real estate (juekiken)
Mitsubishi UFJ Trust and Banking Corporation
February 28, 2003 to May 31, 2028 (expected)
4-1-2 Osaki, Shinagawa-ku, Tokyo
Freehold (Sectional ownership: 84.88%)
1,354.44m2
Retail & 1st Class Residential Area
80% & 60%
500% & 300%
Freehold (Sectional ownership: 84.88%)
Office, retail, residence, storage, parking
SRC/RC 9 Floors plus 1 Basement Floor
5,317.81m2
March 12, 1993
Tanizawa Sogo Appraisal Co., Ltd.
JPY 3,480 million
March 1, 2018

Asset Name
Form of Ownership
Trustee
Period of Trust Contract
Address
Property Right
Area
Land
ZoningCoverage Ratio
Floor Area Ratio
Property Right
Use
Building
Structure2
Total Floor Area
Date Built
Appraiser
Appraisal Value
Appraisal Date
Value by Direct Capitalization
JPY 3,580 million
MethodArchitect
Hirose Kensetsu Co., Ltd.
Joint Venture of Taisei Corporation and Zenitaka
Builder
Corporation
Structural Designer
Hirose Kensetsu Co., Ltd.
Inspection Agency
Shinagawa Ward
PML (Assessor)
10.60% (Sompo Risk Management & Health Care Inc.)
Collateral
None (expected)
Tenant & Lease Overview (as of March 31, 2018)
Number of Tenants
91
JPY 14.892 million
Monthly Rental Income
1
Tenant Security Deposits
JPY 134.247 million
Leasable Area
3,433.16m2
Leased Area
3,433.16m2
Apr 2016 Oct 2016 Apr 2017 Oct 2017 Mar 2018
Occupancy
100%
100%
89.5%
100%
100%
Property Management
Dai-ichi Building Co., Ltd.
Company
Master Lease Company–
Master Lease Type–

4

Special Items
1. Ichigo Office owns 84.88% of the building and land, with the remainder owned by 12
other parties.
2. The building’s engineering report indicates a malfunction of a smoke ventilation window,
which the seller has agreed to rectify at its own expense prior to the closing date.
3. The building’s engineering report indicates a malfunction of an elevator emergency light,
which the seller has agreed to rectify at its own expense after the closing date.
4. Pursuant to Article 42, paragraph 2 of the Building Standards Act, 52.09m2 of land at thesouth side of the property is designated as a road.
5. A lease termination notification was received from one of the tenants (leased area:
387.72m2) on March 8 and effective September 8, 2018. Occupancy is expected to be
88.7% after the termination.
1

Monthly Rent (including cost of utilities) and Tenant Security Deposits refer to thosestated in the lease agreement.
2
SRC = Steel-Reinforced Concrete, RC = Reinforced Concrete

5Asset Name
Appraisal Value
Appraiser
Appraisal Date

Appraisal Details
Win Gotanda Building 2
JPY 3,480 million
Tanizawa Sogo Appraisal Co., Ltd.
March 1, 2018
Amount (JPY)

Appraisal Value
Value by Direct
Capitalization Method
IncomeMaximum
Obtainable
Rental Income
Vacancy Loss
Expenses
Administrativeand MaintenanceExpensesUtility Expenses
Repair Expenses
PM Fees
Leasing
Brokerage Fees
Taxes
Insurance
Premiums
Other Expenses
Net Operating
Income (NOI)
Income on
Investment of
Deposits
Received
CapitalExpenditures
Net Profit
Cap Rate
Value via DCF
MethodNotes
on a DCF valuation, and verified
3,480,000,000 Basedusing a direct capitalization valuation
3,580,000,000
220,061,365
Based on rental income, common area
234,169,858 service income, parking lot income, andother income
14,108,493 Based on long-term vacancy rates
61,501,211
on similar assets and past actual– Basedamounts
on similar assets and past actual
16,190,783 Basedamounts
on engineering reports and similar
4,470,000 Basedassetson similar assets and past actual
2,828,810 Basedamounts
on the expected turnover rate and1,502,389 Basedtenant acquisition costs for similar assets
21,745,300 Based on FY2018 actual amounts
350,280 Based on a quote from the insurance co.
and administrative expenses,
14,413,649 Management
reserve for long-term repairs, etc.
158,560,154
1,526,484 Based on a 1.0% investment yieldon engineering reports and similar
9,685,000 Basedassets150,401,638
Based on transactions of similar assets andcomprehensive assessment of the asset’s
4.2% alocation,
its individual characteristics, andmarket trends
3,430,000,000

Discount Rate

Based on transactions of similar assets and4.3% the yields of financial assets with the asset’s
individual characteristics taken into account

Terminal Cap Rate

4.4% Based on risk-adjusted NOI
6

Value via Cost Approach
Land
Building

Amount (JPY)
3,330,000,000
88.0%
12.0%

Notes

Notes
None
Appraisal NOI Yield: 4.8% (calculated by dividing NOI by Acquisition Price)7

b. MIF Building(1) Location
The building is located in Central Tokyo in the Uchikanda area north of Otemachi –home to many major companies and financial institutions – and features excellent
transport access across Central Tokyo.
As a secondary market to the major Otemachi and Marunouchi business areas,
Uchikanda offers a combination of smooth and convenient access at reasonable rents,
thus catering to a diverse range of tenants.
The building should see continued demand from manufacturers and regional companies
seeking to establish a marketing base in Tokyo, given that it is within walking distancefrom Kanda Station on the JR Yamanote Line.
(2) Features
A mid-size office building located within a 4-minute walk from Otemachi Station on the
Marunouchi Line and a 6-minute walk from Kanda Station on the JR Yamanote Line.
Each floor has a standard floor plate of 80 tsubo (264m2) and is shaped in such a waythat it can accommodate a variety of layouts. Each floor is also equipped with individual
air conditioning units and raised access floors, therefore catering to the demands ofdiverse tenants.
A convenience store occupies the first floor and the upper floors are occupied by officetenants including media, pharmaceutical, and manufacturing companies.
(3) Photograph and Location Map

8

Asset Overview
MIF Building
Trust beneficiary interest in real estate (juekiken)
Mitsubishi UFJ Trust and Banking Corporation
August 1, 2002 to May 31, 2028 (expected)
1-6-6 Uchikanda, Chiyoda-ku, Tokyo
Freehold1
424.60m2
Retail
80% & 80%
800% & 600%
Freehold (Joint ownership: 72%)
Office
SRC 9 Floors plus 1 Basement Floor
3,488.85m2
January 25, 1991
Daiwa Real Estate Appraisal Co., Ltd.
JPY 2,320 million
March 1, 2018

Asset Name
Form of Ownership
Trustee
Period of Trust Contract
Address
Property Right
Area
Land
ZoningCoverage Ratio
Floor Area Ratio
Property Right
Use
Building
Structure2
Total Floor Area
Date Built
Appraiser
Appraisal Value
Appraisal Date
Value by Direct Capitalization
JPY 2,390 million
MethodArchitect3
Shimizu Corporation First Class Architects
3
Builder
Shimizu Corporation
Structural Designer3
Shimizu Corporation First Class Architects
Inspection Agency
Chiyoda Ward
PML (Assessor)
7.35% (Sompo Risk Management & Health Care Inc.)
Collateral
None (expected)
Tenant & Lease Overview (as of March 31, 2018)
Number of Tenants
7
4
JPY 9.143 million
Monthly Rental Income
Tenant Security Deposits4
JPY 107.984 million
4
Leasable Area
1,690.33m2
Leased Area4
1,690.33m2
Apr 2016 Oct 2016 Apr 2017 Oct 2017 Mar 2018
Occupancy
100%
100%
100%
100%
100%
Property Management
Shimizu Comprehensive Development (expected)
Company
Master Lease Company
Master Lease Type

Ichigo Office REIT Investment Corporation (expected)
Pass-though (expected)

9Special Items
1. Ichigo Office owns 72% of the building, with the remainder owned by 3 other parties.
2. A portion of the land is jointly owned by 4 parties, including some joint-owners of thebuilding, and an agreement exists between the land owner, the joint owners of the portionof land, and the joint-owners of the building stipulating the mutual use of this land
without any usage fees charged between parties. Certain borders between jointly-owned
sections of land remain undefined.
3. If a joint owner of the building wishes to sell or pledge its holding, then a mutual
agreement exists that specifies such owner must obtain prior written consent from theother joint-owners of the building and from the owner of the land. Notwithstanding theabove, this does not apply to the sale, pledge, or transfer of trust beneficiary interests
made by the 72% owner of the building.
4. Part of a retractable rain cover encroaches an eastern neighbor (street address 33-2) and a
jointly-built aluminum fence protrudes into the properties of each party on the easternside. A memorandum of understanding exists between the two parties which specifies
how to handle rectification if and when the need arises.
5. A lease termination notification was received from one of the tenants (leased area:
273.67m2) on March 30, 2018 and effective September 30, 2018. The occupancy is
expected to be 88.3% after the termination.
1

Includes part of land (172.08m2) owned by other parties.
2
SRC = Steel-Reinforced Concrete
3
The names of the architect, builder, structural designer, and inspection agency are thoseof when the building was built.
4
Proportionate to 72% joint-ownership10

Asset Name
Appraisal Value
Appraiser
Appraisal Date

Appraisal Details
MIF Building
JPY 2,320 million
Daiwa Real Estate Appraisal Co., Ltd.
March 1, 2018
Amount (JPY)

Appraisal Value
Value by Direct
Capitalization Method
IncomeMaximum
Obtainable
Rental Income
Vacancy Loss
Expenses
Administrativeand MaintenanceExpensesUtility Expenses
Repair Expenses
PM Fees
Leasing
Brokerage Fees
Taxes
Insurance
Premiums
Other Expenses
Net Operating
Income (NOI)
Income on
Investment of
Deposits
Received
CapitalExpenditures
Net Profit
Cap Rate
Value via DCF
MethodNotes
on a DCF valuation, and verified
2,320,000,000 Basedusing a direct capitalization valuation
2,390,000,000
133,443,995
Based on rental income, common area
139,409,160 service income, parking lot income, andother income
5,965,165 Based on long-term vacancy rates
32,178,091
on similar assets and past actual
6,749,688 Basedamounts
on similar assets and past actual
9,817,728 Basedamounts
on engineering reports and similar
1,025,760 Basedassetson similar assets and past actual
1,800,000 Basedamounts
on the expected turnover rate and842,873 Basedtenant acquisition costs for similar assets
11,343,680 Based on FY2017 actual amounts
198,030 Based on a quote from the insurance co.
of rental income accounted for as
400,332 0.3%
variable expenses
101,265,904
957,988 Based on a 1.0% investment yieldon engineering reports and similar
4,049,280 Basedassets98,174,612
Based on transactions of similar assets andcomprehensive assessment of the asset’s
4.1% alocation,
its individual characteristics, andmarket trends
2,290,000,000

Discount Rate

Based on transactions of similar assets and3.9% the yields of financial assets with the asset’s
individual characteristics taken into account

Terminal Cap Rate

4.3% Based on risk-adjusted NOI
11

Value via Cost Approach
Land
Building

Amount (JPY)
2,130,000,000
88.1%
11.9%

Notes

Notes
None
Appraisal NOI Yield: 4.6% (calculated by dividing NOI by Acquisition Price)12

4. Seller Profiles
Name
Address
Representative
Principal Businesses
CapitalEstablishment Date
Major Shareholder

Relationship with
Ichigo Office or IIA1

Name
Address
Representative
Principal Businesses
CapitalEstablishment Date
Major Shareholder

Relationship with
Ichigo Office or IIA1

1

Gotanda Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin Star Holding
Manager: Mariko Hirano
1. Investment in trust beneficiary interests (juekiken)
2. Investment in and management of real estate
3. Other businesses relating to the above businesses
JPY 100,000
April 1, 2014
Ippan Shadan Hojin Star Holdings
The seller does not have any capital, personnel, or business
relationship of note with Ichigo Office or IIA. In addition,
the seller is not an interested party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law or the internal rules of IIA.
Kamakurabashi Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin High Stage
Manager: Atsushi Nakao
1. Investment in trust beneficiary interests (juekiken)
2. Investment in and management of real estate
3. Other businesses relating to the above businesses
JPY 100,000
June 26, 2013
Ippan Shadan Hojin High Stage
The seller does not have any capital, personnel, or business
relationship of note with Ichigo Office or IIA. In addition,
the seller is not an interested party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law or the internal rules of IIA.

Because both sellers are a related party as specified in IIA’s rules, Ichigo Office fully
implemented its related party transaction procedures, including getting third-party
appraisals on all the assets and cross-checking these third-party appraisals with additional
third-party second opinion appraisals.

13

5. Ownership History
Asset Name
Name
Relationship with
Ichigo OfficeAcquisition
Rationale
Acquisition Price
Acquisition Date
Asset Name
Name
Relationship with
Ichigo OfficeAcquisition
Rationale
Acquisition Price
Acquisition Date

Win Gotanda Building 2
Current Owner
Gotanda Holdings GK
Related Party as defined in theinternal rules of IIA. Please see“Seller Profiles” in Section 4.

Previous Owner
Unrelated Party－

Investment－

Omitted as ownership exceeds
one yearMay 23, 2014
MIF Building
Current Owner
Kamakurabashi Holdings GK
Related Party as defined in theinternal rules of IIA. Please see“Seller Profiles” in Section 4.

－－

Previous Owner
Unrelated Party

Investment－－

Omitted as ownership exceeds
one yearAugust 29, 2013－－

6. Broker Details
None
7. Transaction Schedule
Resolution Date
Contract Date
Closing Date

April 25, 2018
April 25, 2018
May 9, 2018 (expected)

8. Earnings Outlook
For details of the impact of the Asset Acquisitions on the April 2018 fiscal period andOctober 2018 fiscal period earnings forecasts announced on December 15, 2017, pleaserefer to today’s announcement “Earnings Forecast Revision for the October 2018 Fiscal
Period and Earnings Forecast for the April 2019 Fiscal Period.”14

Reference
1. Rental Income and Expense Details of the Newly Acquired Assets
Win Gotanda Building 2(JPY million)
Forecast1

At Acquisition2

A. Rental Income

200

196

B. Rental Expenses(excluding depreciation)345

59

C. NOI（A-B）

155

136

D. NOI yield4

4.7%

4.1%

E. Depreciation5

17

17

F. Post-depreciation NOI (C-E)

137

118

G. Post-depreciation NOI Yield

4.2%

3.6%

H. Occupancy6

97%

88.7%

MIF Building(JPY million)
Forecast1

At Acquisition2

A. Rental Income

122

126

B. Rental Expenses(excluding depreciation)322

31

C. NOI（A-B）

100

94

D. NOI yield4

4.6%

4.3%

E. Depreciation5

12

12

F. Post-depreciation NOI (C-E)

87

82

G. Post-depreciation NOI Yield

4.0%

3.8%

H. Occupancy6

97.5%

88.3%

1

Amounts exclude special factors in the year of acquisition and are calculated based on
current and future anticipated fluctuations in occupancy.
2
Shows first-year amounts used to calculate the DCF-based valuation, excluding
special factors in the year of acquisition.
3
Rent-related expenses include incidental expenses such as service provider expenses,
property, city planning, and consumption taxes, and other fees.
4
Forecast NOI yield and NOI yield at Acquisition are calculated by dividing theForecast NOI and NOI at Acquisition by the acquisition price, respectively (rounded
off to the nearest tenth of a percent.)
5
Depreciation is estimated by Ichigo Office.
6
Occupancy at acquisition is as of March 31, 2018.

15

2. Engineering Report Summary
Asset Name
Name of Inspector
Date of Inspection
Short-term Repair Expenses1
Long-Term Repair Expenses2
Current Replacement Cost

Win Gotanda Building 2
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
April 2018–
JPY 137.5 millin3
JPY 1,492 million4

1

MIF Building
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
April 2018–
JPY 60.9 million5
JPY 839 million5

Short-term Repair Expense is defined as repair expenses considered necessary beyond
the scope of ordinary maintenance within a year from the time of inspection.
2
Long-term Repair Expense is defined as repair expenses considered necessary for the
maintenance of the asset within twelve years from the time of inspection.
3
Multiplied by 0.8768 (proportion of agreed long-term repair expenses to be borne)
4
Multiplied by 0.8488 (proportion of sectional ownership)
5
Multiplied by 0.72 (proportion of joint ownership)

16

Portfolio Reference Information
Post-Strategic Portfolio Restructuring
No.
O-02
O-03
O-04
O-05
O-06
O-07
O-08
O-09
O-10
O-11
O-12
O-14
O-15
O-16
O-17
O-18
O-19
O-20
O-21
O-22
O-23
O-24
O-26
O-27
O-28
O-29

Ichigo Nishisando Building
Ichigo Mita Building
Ichigo Nanpeidai Building
Ichigo Hanzomon Building
Ichigo Hijirizaka Building
Ichigo Shibuya Kamiyamacho Building
Ichigo Akasaka 5 Chome Building
Ichigo Shibakoen Building
Ichigo Ebisu Nishi Building
Ichigo Ginza 612 Building
Ichigo Uchikanda Building
Ichigo Yotsuya 4 Chome Building
Ichigo Tameike Building
Ichigo Jimbocho Building
Ichigo Hakozaki Building
Ichigo Kudan 2 Chome Building
Ichigo Kudan 3 Chome Building
Ichigo Gotanda Building
Ichigo Shin Yokohama Building
Ichigo Minami Ikebukuro Building
Ichigo Nakano North Building
Ichigo Eitai Building
Ichigo Ikejiri Building
Ichigo Nishi Ikebukuro Building
Ichigo Nishi Gotanda Building
Ichigo Kichijoji Building

O-34 Ichigo Sakae Building
O-37 Ichigo Marunouchi Building
O-38
O-39
O-42
O-46
O-47

Area1

Asset Name

Ichigo Toyamaeki Nishi Building
Ichigo Mirai Shinkin Building
Ichigo Takamatsu Building
Ichigo Kanda Nishikicho Building
Ichigo Akihabara North Building

O-48 Ichigo Sakaisuji Honmachi Building

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Central Tokyo
Tokyo Metro Area
Four Major Regional
CitiesFour Major Regional
CitiesOther Regional Cities
Other Regional Cities
Other Regional Cities
Central Tokyo
Central Tokyo
Four Major Regional
Cities17

Acquisition
Price2(JPY million)% ofPortfolio3

3,254
2,740
1,920
1,550
1,200
1,505
735
1,100
1,917
1,773
1,140
550
580
1,820
1,150
763
844
5,060
1,816
1,460
764
1,490
2,030
639
765
2,160

1.6
1.4
1.0
0.8
0.6
0.8
0.4
0.6
1.0
0.9
0.6
0.3
0.3
0.9
0.6
0.4
0.4
2.6
0.9
0.7
0.4
0.8
1.0
0.3
0.4
1.1

4,705

2.4

6,710

3.4

1,650
1,158
3,010
2,130
5,500

0.8
0.6
1.5
1.1
2.8

1,940

1.0

No.
O-49
O-50
O-51
O-52
O-53
O-54
O-55
O-56
O-57
O-58
O-59
O-60
O-61
O-62
O-63
O-64
O-65
O-66
O-67
O-68
O-69
O-70
O-71
O-72
O-73

Ichigo Kanda Ogawamachi Building
Ichigo Hatchobori Building
Ebisu Green Glass
Ichigo Omori Building
Ichigo Takadanobaba Building
Ichigo Omiya Building
Ichigo Sagamihara Building
Ichigo Ofuna Building
Ichigo Sendai East Building
Ichigo Kumamoto Building
Ichigo Jingumae Building
Ichigo Shibuya Dogenzaka Building
Ichigo Hiroo Building
Ichigo Sasazuka Building
Ichigo Nihonbashi East Building
Ichigo Sakurabashi Building
Ichigo Shinkawa Building
Ichigo Kudan Building
Ichigo Higashi Gotanda Building
Axior Mita
Ichigo Higashi Ikebukuro Building
Koriyama Big-i (Office Section)
Ichigo Kawasaki Building
Ichigo Shibuya East Building
Ichigo Ningyocho Building

O-74 Ichigo Nishi Honmachi Building
O-75 Ichigo Hakata Building
O-76 Ichigo Nishiki First Building
O-77
O-78
O-79
O-80

Area1

Asset Name

Ichigo Ikenohata Building
Ichigo Ikebukuro East Building
Ichigo Motoazabu Building
Ichigo Otsuka Building

O-81 Ichigo Nagoya Building
O-82 Ichigo Fushimi Building
O-83 Ichigo Nishiki Building

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Other Regional Cities
Other Regional Cities
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metro Area
Other Regional Cities
Tokyo Metro Area
Central Tokyo
Central Tokyo
Four Major Regional
CitiesFour Major Regional
CitiesFour Major Regional
CitiesTokyo Metro Area
Tokyo Metro Area
Central Tokyo
Tokyo Metro Area
Four Major Regional
CitiesFour Major Regional
CitiesFour Major Regional
Cities18

Acquisition
Price2(JPY million)
2,210
1,905
5,900
3,850

% of
Portfolio3

1,580
3,430
1,174
2,000
1,840
1,450
7,200
3,650
3,960
4,780
4,700
2,500
2,360
3,190
3,660
1,800
4,570
1,660
1,750
1,350
1,450

1.1
1.0
3.0
1.9
0.8
1.7
0.6
1.0
0.9
0.7
3.6
1.8
2.0
2.4
2.4
1.3
1.2
1.6
1.8
0.9
2.3
0.8
0.9
0.7
0.7

2,190

1.1

1,380

0.7

2,000

1.0

5,130
3,010
1,890
2,740

2.6
1.5
1.0
1.4

3,420

1.7

2,340

1.2

1,330

0.7

No.

Area1

Asset Name

Four Major Regional
CitiesIchigo Shibuya Udagawacho Building
Central Tokyo
Win Gotanda Building
Central Tokyo
Ichigo Hongo Building
Tokyo Metro Area
Oimachi Center Building
Central Tokyo
Win Gotanda Building 2
Central Tokyo
MIF Building
Central Tokyo
Subtotal - Office (76 Assets)
Ichigo Fiesta Shibuya Building
Central Tokyo
Ichigo Machida East Building
Tokyo Metro Area
Konami Sports Club Izumi Fuchu
Other Regional Cities
Ichigo Shibuya Bunkamura Dori Building
Central Tokyo
Twicere Yokohama Isogo (Retail Section)
Tokyo Metro Area
Lions Square Kawaguchi
Tokyo Metro Area
Ichigo Shin Yokohama Arena Dori Building Tokyo Metro Area
Ichigo Kamata Building
Tokyo Metro Area
Subtotal - Other (8 Assets)
Total (84 Assets)

O-84 Ichigo Minami Morimachi Building
O-85
O-86
O-87
O-88
O-89
O-90
Z-02
Z-05
Z-09
Z-10
Z-11
Z-12
Z-13
Z-14

1

Acquisition
Price2(JPY million)% ofPortfolio3

1,040

0.5

3,500
3,100
2,300
1,680
3,300
2,200
183,997
1,970
1,310
1,210
2,400
1,620

1.8
1.6
1.2
0.8
1.7
1.1
92.9
1.0

2,430
1,700
1,400
14,040198,037

0.7
0.6
1.2
0.8
1.2
0.9
0.7
7.1
100.0

Central Tokyo refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa Wards. Tokyo Metro
Area refers to Tokyo (excluding the six wards above), Kanagawa, Chiba, and Saitama Prefectures. Four
Major Regional Cities refers to Osaka, Nagoya, Fukuoka, and Sapporo.

2

Acquisition Price excludes incidental expenses such as consumption taxes and other fees. Assets O-02
through O-42 (31 assets) and assets Z-02 and Z-05 (2 assets) show the appraisal value as of October 31,
2011.
3% of Portfolio is based upon acquisition price.

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